Wachovia Corporation, Wachovia Bank Overdraft Fees, Abuseive Banking, Customer Charlotte North Carolina

I totally understand what you're saying because you keep stating that your CASH was deposited before you made the purchase. I don't know if you read my post fully but I stated that banks must update their systems to show that you deposited your cash on such and such day. There is a cutoff time that those deposits have to be in by. Even the banking rep told you that over the phone. The cutoff time is there so that this bank can get everything in for the next day. I don't know if you are aware but it takes a while for this to happen so that's why the cutoff time is usually before the business day ends at 5, like you stated.

Basically, the banks don't take your money, your cash, and phisically place it into an account box called 'Christopher's Money' and when you make a purchase, the merchant doesn't swing by the bank and say, 'I need 250 dollars from Christopher's Account.' In the convenience of electronic banking, your cash doesn't have the same 'concrete' characteristic you say it has. They have to input it into a computer system. So now they are electronic funds and are subject to updating time frames. I didn't want to say this since it's posted everywhere on this site but, read the terms of your account. It's in there, trust me.

Next time, go earlier and make the transaction on the following business day.

I have deposited cash at a branch before and the receipt clearly showed when it would be posted. You should ask whomever in your family deposited the cash what the receipt says, that proves your case one way or the other.

Additionally, every branch is different in terms of posting times. I happen to live in the Washington DC area and I see you are from Laurel, so I can relate. The ATM near my work has a 4 PM posting time, but the branch is different (I think it is 2 PM, but I haven't been inside of one in months). Whomever made the deposit should have asked the teller when the funds would be available.

You could have paid $150 of your Verizon bill since you had $198 and paid the rest the following day. I know with AT&T there is a 2 day "float" in terms of when the payment is due and when late charges come into play.

There are a couple of assumptions you mentioned that will cause you problems.

"I was always under the assumption that my money would be posted to my account same day if it were before 3pm that has always been what I have been told.."
This may have been valid assumption, but in this particular case would not have mattered. Because even if it was POSTED on the 18th(same day), it would not have been available for use until the 19th. Since you made the purchse on the 18th the money was not posted to the account yet, so you incurred the Overdraft. While I don't agree with these early cut off times especially for cash, in this case the cut off time did not matter because you spent it before it would have been posted even if it was before the cut-off time.

"This confused me, because if the bank obtained my money in cash their accounting should have counted it for that day, and normally check card purchases normally take a day or two to be run."
With how items are processed this is FALSE. You have to assume that the second you swipe your card or hand over a check that the money will be deducted from your account. You may have cases where it may take a day or two, you will have just as many(if not more) cases where it will hit your account within seconds.

Well, how was my account dry when I deposited $200 cash before I made the purchase. As far as I am concerned that when I had $198 dollars in my account and I deposited $100 cash at 2pm, the money should have been in my account.

Banks are closed at 5pm. 2pm is far from the day being over. Cash is a tangible item. It is concrete, there was no floating currency going from one bank or account to another. If the bank is able to charge the bill at 3pm, once again how is the banks day over? It's still before 5pm.

My accounts at WACHOVIA are slim, but that doesn't mean that I don't have money at other banks. When I had $398 there was more than enough money to pay for the account as you can see. $398 is more than $250. My family made the deposit for their share of the bill.

Regarding the bankruptcies that the banks are facing, how is that my fault? I haven't taken out any loans or made any charges. That sir or madam is comparing apples to a space station. In no shape way or form can I be liable for banks giving out easy credit to begin with. That's how our last major depression in the 1930's happened. They should have learned from their mistake in the first place. Once again, that was before I was born so my $200 deposit couldn't have caused that either.

As for watching the levels in my account, I knew that there was $198 in my account, and when my family put the money in the account, once again the balance was held at $398. Once again that is more than $250.

I have made a call since then and my claim was still heard on deaf ears. I have all the intention to give Wachovia the benefit of the doubt, as I stated before.

I hope I have made everything clear. Thank you for your comment.

What I don't understand from the majority of people who live paycheck to paycheck with their 'hard-earned money' from their 'low-paying jobs' is that they don't want to understand the policies of the banks where their money is kept.

You need to understand that when the bank's business day is over you need to wait until the next business night for the update to take place and then the funds will be available for you the next morning. For instance, you deposit money after the business day ends on Tuesday and the funds are posted for being put through on the next business day, Wednesday. The business day ends on Wednesday and the funds are available for you on Thursday. This also applies to cash deposits. It doesn't matter if it's cash, it matters on the TIME you deposited the funds.

This is particularily important for you because you are running your accounts almost dry. You failed to mention if there was a date on the receipt stating when the funds would be available for you or if the teller said anything to your family when they deposited those funds. These are guidelines that you must follow if you are going to have someone else hold your money for you; ie the banks.

It is unfortunate that the call was dropped after you waited for so long but you know, those things happen. Why didn't you call back? It seems like you weren't very persistant in trying to right this 'wrong' that happened to you. If you want something to be done on your account you need to continue through with it. The bank isn't going to call you back but they will certainly help you if you call right back in.

As far as your conspiracy theory on 'unethical practices' is concerned, the problem seems to lie in the fact that you use more money than you have in your account. 'Floating' doesn't work anymore in this day where bankruptcies are so high because the banks are cracking down on the people who used the banks previous leniencies to their own advantage. I know it seems horrible but banks are out to make money, they are businesses, and their profits are made off of fees. The responsibility of people has declined so much that now banks are now able to hand out free checking accounts and other free features because of the fee profit. That's fine and if you want to start benefitting from the banks, you need to either watch the levels in your accounts and always keep a cushion to protect yourself from the 'evils' that banks put you through or stop living out of your means. A $250 Verizon Bill?! Come on. If you can't afford it, then give it up.

What I don't understand from the majority of people who live paycheck to paycheck with their 'hard-earned money' from their 'low-paying jobs' is that they don't want to understand the policies of the banks where their money is kept.

You need to understand that when the bank's business day is over you need to wait until the next business night for the update to take place and then the funds will be available for you the next morning. For instance, you deposit money after the business day ends on Tuesday and the funds are posted for being put through on the next business day, Wednesday. The business day ends on Wednesday and the funds are available for you on Thursday. This also applies to cash deposits. It doesn't matter if it's cash, it matters on the TIME you deposited the funds.

This is particularily important for you because you are running your accounts almost dry. You failed to mention if there was a date on the receipt stating when the funds would be available for you or if the teller said anything to your family when they deposited those funds. These are guidelines that you must follow if you are going to have someone else hold your money for you; ie the banks.

It is unfortunate that the call was dropped after you waited for so long but you know, those things happen. Why didn't you call back? It seems like you weren't very persistant in trying to right this 'wrong' that happened to you. If you want something to be done on your account you need to continue through with it. The bank isn't going to call you back but they will certainly help you if you call right back in.

As far as your conspiracy theory on 'unethical practices' is concerned, the problem seems to lie in the fact that you use more money than you have in your account. 'Floating' doesn't work anymore in this day where bankruptcies are so high because the banks are cracking down on the people who used the banks previous leniencies to their own advantage. I know it seems horrible but banks are out to make money, they are businesses, and their profits are made off of fees. The responsibility of people has declined so much that now banks are now able to hand out free checking accounts and other free features because of the fee profit. That's fine and if you want to start benefitting from the banks, you need to either watch the levels in your accounts and always keep a cushion to protect yourself from the 'evils' that banks put you through or stop living out of your means. A $250 Verizon Bill?! Come on. If you can't afford it, then give it up.

What I don't understand from the majority of people who live paycheck to paycheck with their 'hard-earned money' from their 'low-paying jobs' is that they don't want to understand the policies of the banks where their money is kept.

You need to understand that when the bank's business day is over you need to wait until the next business night for the update to take place and then the funds will be available for you the next morning. For instance, you deposit money after the business day ends on Tuesday and the funds are posted for being put through on the next business day, Wednesday. The business day ends on Wednesday and the funds are available for you on Thursday. This also applies to cash deposits. It doesn't matter if it's cash, it matters on the TIME you deposited the funds.

This is particularily important for you because you are running your accounts almost dry. You failed to mention if there was a date on the receipt stating when the funds would be available for you or if the teller said anything to your family when they deposited those funds. These are guidelines that you must follow if you are going to have someone else hold your money for you; ie the banks.

It is unfortunate that the call was dropped after you waited for so long but you know, those things happen. Why didn't you call back? It seems like you weren't very persistant in trying to right this 'wrong' that happened to you. If you want something to be done on your account you need to continue through with it. The bank isn't going to call you back but they will certainly help you if you call right back in.

As far as your conspiracy theory on 'unethical practices' is concerned, the problem seems to lie in the fact that you use more money than you have in your account. 'Floating' doesn't work anymore in this day where bankruptcies are so high because the banks are cracking down on the people who used the banks previous leniencies to their own advantage. I know it seems horrible but banks are out to make money, they are businesses, and their profits are made off of fees. The responsibility of people has declined so much that now banks are now able to hand out free checking accounts and other free features because of the fee profit. That's fine and if you want to start benefitting from the banks, you need to either watch the levels in your accounts and always keep a cushion to protect yourself from the 'evils' that banks put you through or stop living out of your means. A $250 Verizon Bill?! Come on. If you can't afford it, then give it up.

What I don't understand from the majority of people who live paycheck to paycheck with their 'hard-earned money' from their 'low-paying jobs' is that they don't want to understand the policies of the banks where their money is kept.

You need to understand that when the bank's business day is over you need to wait until the next business night for the update to take place and then the funds will be available for you the next morning. For instance, you deposit money after the business day ends on Tuesday and the funds are posted for being put through on the next business day, Wednesday. The business day ends on Wednesday and the funds are available for you on Thursday. This also applies to cash deposits. It doesn't matter if it's cash, it matters on the TIME you deposited the funds.

This is particularily important for you because you are running your accounts almost dry. You failed to mention if there was a date on the receipt stating when the funds would be available for you or if the teller said anything to your family when they deposited those funds. These are guidelines that you must follow if you are going to have someone else hold your money for you; ie the banks.

It is unfortunate that the call was dropped after you waited for so long but you know, those things happen. Why didn't you call back? It seems like you weren't very persistant in trying to right this 'wrong' that happened to you. If you want something to be done on your account you need to continue through with it. The bank isn't going to call you back but they will certainly help you if you call right back in.

As far as your conspiracy theory on 'unethical practices' is concerned, the problem seems to lie in the fact that you use more money than you have in your account. 'Floating' doesn't work anymore in this day where bankruptcies are so high because the banks are cracking down on the people who used the banks previous leniencies to their own advantage. I know it seems horrible but banks are out to make money, they are businesses, and their profits are made off of fees. The responsibility of people has declined so much that now banks are now able to hand out free checking accounts and other free features because of the fee profit. That's fine and if you want to start benefitting from the banks, you need to either watch the levels in your accounts and always keep a cushion to protect yourself from the 'evils' that banks put you through or stop living out of your means. A $250 Verizon Bill?! Come on. If you can't afford it, then give it up.